Westpac increases fixed home loan rates again

In late April, Westpac hiked four and five year fixed package rates for owner occupiers, and this morning it made similar increases across loans with shorter terms:

• Premier Advantage Fixed Options P&I 2 Years: Up 10 basis points to 1.89% p.a. (3.38% p.a. comparison rate*)
• Premier Advantage Fixed Options P&I 3 Years: Up 10 basis points to 1.98% p.a. (3.30% p.a. comparison rate*)

These comparison rates apply specifically to borrowers with at least a 30% deposit (70% LVR).

Equivalent loan products with 95% LVR were also increased by 10 basis points, as were non-packaged products.

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Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Offset	Redraw	Ongoing Fees	Upfront Fees	Max LVR	Lump Sum Repayment	Extra Repayments	Split Loan Option	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Bare Home Loan (Basic OO P&I <90%)	5.94% p.a.	5.98% p.a.	$2,978	Principal & Interest	Variable			$0	$530	90%				Owner Occupier Variable Principal & Interest 10% Min Deposit Redraw Extra Repayments More details	Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application.	Go to site	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.89% p.a.	5.80% p.a.	$2,962	Principal & Interest	Variable			$0	$0	80%				Built and funded by CommBank Owner Occupier Variable Principal & Interest 20% Min Deposit Redraw More details	No application or ongoing fees. Annual rate discount Unlimited redraws & additional repayments. LVR <80% A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.	Go to site	Compare	Promoted	Disclosure
Regional Australia Bank	Regional Australia Bank Home Loan Fixed (Owner Occupier, Principal and Interest, max lvr 60%) (3 years)	5.99% p.a.	6.02% p.a.	$2,995	Principal & Interest	Fixed			$0	$0	60%				Owner Occupier Fixed 3 Years Principal & Interest 40% Min Deposit Redraw More details	Competitive rates to help you save A Dedicated Relationship Manager Certainty of repayments with a fixed rate term	Go to site	Compare	Promoted	Disclosure
Homestar	Homestar Star Nova LVR <70% (Owner Occupied, Principal and Interest)	5.93% p.a.	5.93% p.a.	$2,975	Principal & Interest	Variable			$0	$395	70%				Owner Occupier Variable Principal & Interest 30% Min Deposit Redraw More details		Go to site	Compare		Disclosure
Reduce Home Loans	Reduce Home Loans EconoME Home Loan (Owner Occupier, Principal & Interest, LVR 60%)	5.99% p.a.	6.01% p.a.	$2,995	Principal & Interest	Variable			$0	$150	60%				$3000 Cashback T&Cs apply Owner Occupier Variable Principal & Interest 40% Min Deposit Redraw More details		Go to site	Compare		Disclosure

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Westpac's subsidiaries Bank of Melbourne, St. George, and BankSA increased rates on similar home loans by 10 basis points this morning, however advertised and comparison rates, and LVRs may differ slightly.

These hikes to fixed loan products are consistent with other lenders that have done so lately, which is partly due to the Reserve Bank's Term Funding Facility winding down at the end of the month.

Banks that have increased rates lately include CommBank, NAB, Citi, and UBank, just to name a few.